Experience: I made $1m on bitcoin – and lost it again | Bitcoin | The Guardian

People who made money on bitcoins

After the Long Island Iced Tea company announced it would pivot to blockchain, its stock rose simple strategies for trading binary options in a day. The wealth is intoxicating news, feverish because it seems so random. Investors trying to grok the landscape compare it to the dot-com bubble of the late s, when valuations soared and it was hard to separate the Amazons and Googles from the Pets.

The cryptocurrency community is centered around a tightknit group of friends — developers, libertarians, Redditors and cypherpunks — who have known each other for years through meet-ups, an endless circuit of crypto conferences and internet message boards.

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Over long hours in anonymous group chats, San Francisco bars and Settlers of Catan game nights, they talk about how cryptocurrency will decentralize power and wealth, changing the world order. The goal may be decentralization, but the money is extremely concentrated. Coinbase has more than 13 million accounts that own cryptocurrencies. Data suggests that about 94 percent of the Bitcoin wealth is held by menand some estimate that 95 percent of the wealth is held by 4 percent of the owners.

There are only a few winners here, and, unless they lose it all, their impact going forward will be outsize. They also remember who laughed at them and when. James Spediacci and his twin brother, Julian, who bought ether when it was about 30 cents, now run one of the most popular whale clubs: private cryptocurrency trading communities where crypto syndicates are coordinated in group chats.

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He showed me a screen people who made money on bitcoins of his Facebook post from telling everyone to buy ether. He wore a pink button-front and pink pants. Gardner led an I. These tokens sold fast, and it is one of the forces that kicked off this boom.

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Image Crypto stickers on a refrigerator at the Crypto Castle. One of the bedrooms has a stripper pole. Gardner leaned back into the sofa and rested his feet on the table. He recently did an I. He runs Distributed, a page magazine about cryptocurrency that comes out about once a year.

Experience: I made $1m on bitcoin – and lost it again

He said his closest friends are moving to Puerto Rico to get around paying taxes. He drew a chart to explain the crypto community: 20 percent for ideology, 60 percent for the tech and percent for the money, he said, drawing a circle around it all.

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A few weeks after we first met, as the Bitcoin price exploded in December, Mr. Gardner seemed shaken.

The teenager who made millions on Bitcoin is staking it all on this obscure token

People had begun making pilgrimages to the Crypto Castle, knocking on the door, hoping Mr. Gardner could help them invest. This has been too insane.

Long hallways called Bitcoin Boulevard and Ethereum Alley lead to communal bathrooms.

Who are the richest cryptocurrency investors?

Hummer said. He sees the boom as part of a global apocalypse.

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Hummer went out to meet Joe Buttram, 27, for drinks. As a mixed martial arts fighter, Mr.

Buttram said he would fight for a couple hundred bucks, sometimes a few thousand, and worked security at a start-up, but his main hobbies were reading 4chan and buying vintage pornography, passions that exposed him to cryptocurrency.

This also allows people to pretend to be wealthier than they are, of course. Buttram said.

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Otherwise, HODL. Hummer said quietly, to explain why he still lives in a dorm room.

5 People Who Became Millionaires from Bitcoin

This can x or more from here. Image James Fickel holding his Russian blue cat, Mr.

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Bigglesworth, at his apartment in San Francisco. Now, with a fortune he says is in the hundreds of millions, his parents have retired and sent his younger sister to live with him. Fickel said, sitting on a white leather sofa, Mr.

Bigglesworth asleep in his impossibly skinny arms. Today, Mr. Fickel is outlining the endgame for cryptocurrency true believers.

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Fickel said. Hummer is skeptical. At a jazz bar a few days later, I run into Mr.

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Fickel had convinced Mr. Chen to put his savings into Ethereum. Chen said.

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I got a penthouse on Marina del Rey. The waiting list had to be told not to show up. Many there wore Bitcoin- and Ethereum-themed clothes from Hodlmoonwhich sells unisex cryptocurrency sweaters.

Those closest to the technology are the most cautious. Pieter Wuille, people who made money on bitcoins, a Bitcoin core developer, kept his backpack on as he wandered the party.

Wuille said. It can. And it does not.

Meet some people getting rich from bitcoin

Everyone needs to take a deep breath. Formerly a commercial real estate agent, Mr. A housekeeper from Pacifica, Calif.

Erik Finman, photographed on the Metal blog Image Credit: blog. This lucrative decision would give the Idaho native a financial autonomy unfathomable to most teenagers. He dropped out of high school at age 15 to move to San Francisco and found an online education startup, Botangle which he later sold and then bought back ; he also spent his energy on a couple of pet projects, including a Doctor Octopus-inspired robotic tentacle suit and launching a satellite containing pop culture memorabilia from Earth. I was helping with hiring two days ago.

Now she cleans houses. Banks, she said, were designed to steal. It went up. Both her children have discouraged this.

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But something is telling me I can trust this generation. My instinct is telling me this is the future. She zipped up her jacket and left on her own.